Europe's Governments Need to Look Closer To Home to Solve Their Problems

Walking a high-wire without a safety net is dangerous. But having a safety net doesn't make it any less difficult.

It is now two years since Mario Draghi gave the euro zone its safety net by pledging to do "whatever it takes" to save the single currency. The president of the European Central Bank's words have had far-reaching effects on markets. The Stoxx Europe 600 is up 37% since Mr. Draghi's speech in London, Spanish...